Our Portfolio
Sold: 168 units — Seattle Metro
Year built: 1979
Location: Tacoma, WA
Purchase price (2014): $11 million
Equity placed: $4.8 million
CapEx budget: $6.4 million
Sale Price (2019): $30 million
- Investor IRR: 22.5%
- Equity multiple: 2.67x
Investment Highlights
Prior to IMG’s acquisition in 2014, the property suffered from decades of deferred maintenance and poor management. Occupancy and rents were substantially below market as a result.
Under IMG’s ownership, this 15-story high-rise apartment tower was renovated and elevated from a value-add to a core-plus asset. Its multimillion-dollar face-lift received positive attention from the local news and Tacoma Police Department. Income grew by +15% and NOI by +27% annually over the 5-year ownership period.
Upon the sale of the property, several owners exchanged their equity— which had more than doubled— into another IMG-sponsored acquisition to legally defer their tax liability. The replacement property, located in a top-ranked Southeastern U.S. metro, gave investors an improved basis for cash returns and tax benefits.